§5214 Financial Stability Oversight Board

Summary

Creates a Financial Stability Oversight Board that must review how the Secretary and the Office of Financial Stability run the troubled-asset program. The Board must look at policies like hiring financial agents, which asset types to buy, and how purchase vehicles are set up. It must check how those actions affect home ownership, financial markets, and taxpayers. The Board can make recommendations to the Secretary and must report suspected fraud to the Special Inspector General for the Troubled Assets Relief Program or the U.S. Attorney General. The Board has five members: the Chair of the Federal Reserve Board, the Secretary, the Director of the Federal Housing Finance Agency, the Chair of the Securities and Exchange Commission, and the Secretary of Housing and Urban Development. The members (except the Secretary) choose the chair. The Board must meet two weeks after the first purchase action and then monthly. It must ensure policies follow the law’s purposes, serve the U.S. economy, and protect taxpayers. The Board may appoint a credit review committee. It must report to Congress and the Congressional Oversight Panel at least quarterly. The Board ends 15 days after the later of (1) the date the last troubled asset bought by the Secretary is sold or transferred out of government control, or (2) the date the last insurance contract issued under the program expires.